What are the three main types of banks in India?

Commercial Banks, Cooperative Banks, and Regional Rural Banks (RRBs).

True or False: The Reserve Bank of India is responsible for regulating the Indian banking system.

True

Fill in the blank: Public sector banks in India are primarily ___ owned.

Government

What distinguishes private sector banks from public sector banks in India?

Private sector banks are owned by private entities or individuals, while public sector banks are government-owned.

True or False: Regional Rural Banks (RRBs) were established to cater to urban financial needs.

False. RRBs were established to provide financial services to rural areas.

Fill in the blank: Scheduled banks are listed under the ___ Schedule of the RBI Act, 1934.

Second

What role do payments banks play in the Indian banking system?

Payments banks offer limited banking services like savings accounts and money transfers but do not provide loans or credit cards.

Fill in the blank: Local Area Banks (LABs) were introduced in ___ to promote financial inclusion.

2013

What is one major function of banks in India concerning deposits?

Banks safeguard deposits by providing secure locations to store money while paying interest on these deposits.

True or False: Small Finance Banks (SFBs) primarily serve large corporations.

False. SFBs cater to the financial needs of underserved segments, such as small businesses and farmers.